Not to you Steve, but might be interesting reading. Hold on to your hats
folks, T minus 2...
COMTEX) K-tel needs money after posting loss
K-tel needs money after posting loss
Washington, DC, Nov. 13, 1998 (The Content Factory via COMTEX) --
K-tel International (KTEL) shares tumbled 27 percent Friday after the
music e-tailer reported it lost almost $3 million, or 37 cents, in the
first quarter, saying its Internet commerce strategy needs "substantial
additional financial resources, including funding from outside
resources." The company's loss compares to a profit of $1.3 million,
and 15 cents a share, the same period a year ago. K-tel's statement
said the current e-commerce effort produced a loss off $600,000 in the
period. Philip Kives, K-tel's chairman and chief executive officer,
said, "The company continues to refocus and position itself to be a
prominent long-term strategic player in the e-commerce arena. We are
eliminating certain marginal business lines and focusing on existing
profitable business units which have natural synergies with our
e-commerce operations."
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Copyright 1998 The Content Factory
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